management

It’s quite apparent that geography and physical boundaries are becoming less and less critical in company strategic decisions and plans.

Large industrial companies are moving overseas where cheap labor and sometimes relaxed standards or lower taxes allow them to produce more using less.

New companies are springing up in the U.S. to take their places – but these firms are different.

They’re knowledge-based and their growth is driven by intellectual capital.

Often these knowledge firms gather around one another in clusters in order to feed off each other and create a community were they rub shoulders on a daily basis.

Many of these new knowledge firms begin as a solo business.

Sometimes the entrepreneur will bring on a partner or two, either to strengthen the management team, infuse capital or expertise in the company, or as a sounding board or mentor to bounce ideas around.

Does your business revolve around or support an old school business?

If so, you may soon loose your largest and most important client.

One of the ways to position your small business so that it is relevant in the growing knowledge economy is to cater to the needs of one or more of these regional cluster companies or groups.

Here are some of the emerging regional clusters that are most important and the types of businesses that will thrive in the new economy:

1- Energy

2- Financial services

3- Information technology

4- Software development

5- Natural resources development

6- Aerospace technology

7- Security and defense technology

8- Lifesciences

9- Nanotechnology

10- Biomedical research and technology

11- Smart devices and their integration

12- Mass transit engineering and computerization

Will your business cater to, or be a relevant player in providing the types of products and services that these clusters demand? There will be large support needs in many areas and not just from high tech or innovation driven companies.

If you don’t, and still have a great business idea or a growing niche, you may eventually be able to grow your own cluster of related companies. Collaboration and synergy will continue to be ever increasing bywords that will separate those new economy companies from their old school business models and practices.